I’d like to know if anyone has gone through the maze of obtaining Income Protection Insurance and found competitive rates.
As we run our family business and income can be variable; this may not be received well with finance sources sought (for investment property). We’re in Melbourne and wonder if we should use insurance brokers.
Appreciate input from people with first hand experience on this matter.
CT
I’d use a broker. They’re going to find the best deal for you, and they know how to ‘dress’ an application to ensure that it has the best chance of being approved. Spend your time chasing the deals, leave the insurance to someone you can trust.
It probably doesn’t apply to you, but I’d recommend anyone takng out income protection while they have a full time job. In most cases the insurer will keep up the cover even if you change to being self employed. Just as you don’t change the type of work (ie from office work to handling power tools on a daily basis) I don’t think they are terribly concerned. They’re not so much worried about where your income comes from (I mean from a full time job to self employed) so much as how much personal injury risk you run while doing your job.
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We all need somewhere to live – but do we all need a CBD apartment?You know what they say about Murphy’s Law. I’ve been lucky with other types of insurance, income protection policy should not be ignored as there can be too much at stake if injury strikes…
brc, do you have any good sources as to which brokers?
I suppose the industry super fund can help at good rate – we’ve life and TPD insurances through an industry super. Again I haven’t the experience, any first hand input is valuable and much appreciated.
CT
Don’t want to appear picky but an insurance broker is unable to provide you with a life, income protection or any other risk related quotation unless he is licensed.
Only a Financial Planner can give you a quotation for the above.
If you know exactly what you are seeking and are after a comparible quotation we would be happy to provide you with one under a Nil Advice basis.
You are right the quotes vary considerably dependant on many things as well as the features and benefits offered by the Insurer.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Thanks for speedy reply, Qld007. No apology needed.
Been to see a FP last month, she highly recommended using one from her referral soources. At this stage we haven’t done a complete figure on what we need, but glad to know you’re able to help.
Now I really show my true ignorance here – can you offer pointers on how work out a list of contigencies of what is minimum required to cover and genearlly for what period? I understand this is not an advice per se, just a starting point.[blush2]
CT
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